Exothermic reaction is where there is release of energy during a reaction 
 The enthalpy of exothermic reaction is negative 
 The relation between energy of products, reactants and enthalpy of reaction is 
Enthalpy of reaction = sum of enthalpy of formation of products - sum of enthalpy of formation of reactants . 
As enthalpy of reaction is negative, it means the enthalpy of products is less than the enthalpy of reactants so answer is :
In an exothermic reaction the energy of the product is less than the energy of the reactants.